Primordial black holes (PBHs) can form during radiation domination from rare primordial perturbations that re-enter the Hubble radius and undergo gravitational collapse. We derive PBH mass distributions using Press–Schechter theory completed by the excursion-set first-crossing construction. We define the smoothed density contrast and its variance , and connect to the primordial curvature spectrum through the radiation-era transfer. For Gaussian statistics and a constant collapse threshold , the formation fraction is an tail with a controlled rare-event asymptotic. For a sharp- filter, is Markovian; solving the diffusion equation with an absorbing barrier yields the first-crossing density . This gives a differential formation fraction and a mass-conserving formation-era mass function . We then map to the present-day PBH dark-matter fraction per logarithmic mass, , using horizon-entry scaling and radiation-era redshifting.

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